JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its bid.
Only two players, ArcelorMittal and Numetal, had submitted bids for Essar Steel on February 12 in the first round.
Both the bids, however, were rejected by the SBI-led consortium of creditors finding them ineligible under the IBC laws that debar related parties from bidding. Numetal, an SPV floated by Russian lender VTB Bank and Rewant Ruia had jointly placed the offer.
Founded by Shashi and Ravi Ruia, Essar Steel was referred to the National Company Law Tribunal last year after accumulating nearly Rs 500 billion in debts.
Essar Steel is an integrated flat steel producer. Its main production facility is in Gujarat. It has a nameplate crude steel capacity of 9.6 million tonnes per annum, although the current maximum achievable crude steel production level is 6.1 million tonnes per annum, due to a bottleneck in the steelmaking and casting process.